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S. 1463 (115th): Financial Stability Oversight Council Insurance Member Continuity Act

The text of the bill below is as of Jun 28, 2017 (Introduced).


II

115th CONGRESS

1st Session

S. 1463

IN THE SENATE OF THE UNITED STATES

June 28, 2017

(for himself, Mr. Brown, Ms. Cortez Masto, Mr. Cotton, Mr. Menendez, Mr. Perdue, Mr. Rounds, Mr. Scott, Mr. Tester, Mr. Tillis, Mr. Van Hollen, Mr. Warner, and Ms. Warren) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.

1.

Short title

This Act may be cited as the Financial Stability Oversight Council Insurance Member Continuity Act.

2.

Financial Stability Oversight Council

Section 111(c) of the Financial Stability Act of 2010 (12 U.S.C. 5321(c)) is amended by adding at the end the following:

(4)

Term of independent member

Notwithstanding paragraph (1), if a successor to the independent member of the Council serving under subsection (b)(1)(J) is not appointed and confirmed by the end of the term of service of such member, such member may continue to serve until the earlier of—

(A)

18 months after the date on which the term of service ends; or

(B)

the date on which a successor to such member is appointed and confirmed.

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